Gas Natural makes more than €1b in 2017

SHARE

07 February 2018 01:54 PM

by

ACN | Barcelona

Gas Natural closed 2017 with 1.3 billion euros in profits, 1% more than 2016 fulfilling its objectives set out in its strategic plan.

In 2017, Gas Natural Fenosa invested a total of 1,7 billion euros, 29.2% less than in 2016. This reduction in investments was registered due to the incorporation of two new methane tankers counted as financial leasing. 54% of the firm’s investments were made overseas, while 46% were made in the Spanish state.

The energy company’s distribution activity contributed to 41.2% of its profit before tax, including 26.4% from electricity distribution and 19.6% from gas.

New management

On Tuesday, the former managing director of Abertis, Francisco Reynés, took over the helm of Gas Natural as president replacing Isidre Fainé.

In October 2017, despite fears of the repercussions of the ongoing political crisis, Gas Natural registered gains of 1.17% as the Spanish stock market rallied after the Catalan government’s suspension of the declaration of independence.

Gas Natural decided to follow the trend of many companies at the time, and move its head office from Barcelona to Madrid a the peak of the political tensions between the Catalan and Spanish governments.

Good news for shareholders

The company also announced that it maintains its shareholder remuneration with a dividend of one euro per share, which will mean allocating 1 billion euros of the profits to pay the shareholder, with a pay out of 73.6%.